Singapore has suspended Bitget, a Crypto Exchange company after started promoting the digital currency Army Coin. The name of the coin is derived from South Korea’s famous boy band BTS’s fans.
However, BTS’s agency said that BTS has nothing to do with this coin and they are threatening legal actions for associating the boyband with the cryptocurrency.
In a statement release by Hybe the agency of Hybe they said that the promotion was done without permission from the agency
“The agency has no connection with this cryptocurrency and it was listed without any discussion with us. Furthermore, photos of BTS were used to promote this cryptocurrency without the permission of Big Hit Music.”
According to Bloomberg, Bitget is a sponsor of the Italian football league’s Juventus (Serie-A) and they advertised that the coins will provide “lifetime financial support for BTS“.
Previously, Bitget’s website had featured the Monetary Authority of Singapore’s logo but it has since been removed.
When the coin has initially released the price shot up 5,000% and eventually dropped to around USD$2 in November.